Stock-based compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation

Employee stock-based compensation cost recognized in the condensed consolidated statements of loss and comprehensive loss was as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in thousands)
Cost of revenues	$	525	$	502	$	1,517	$	1,482
Engineering, research, and development	751		1,005		2,842		3,678
Sales and marketing	1,248		854		4,246		2,732
General and administrative	4,615		4,906		17,364		19,785
Total stock-based compensation	$	7,139	$	7,267	$	25,969	$	27,677

Schedule of option activity

Stock option activity under the Company’s 2018 Plan is set forth below:

	Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted Average Contractual Term (in years)
Options outstanding as of December 31, 2023	1,486,428	$	3.54	$	14,552
Options exercised	(115,148)	$	3.54
Options expired	(2,795)	$	3.54
Options outstanding as of September 30, 2024	1,368,485	$	3.54	$	14,314	4.3
Options vested and exercisable as of September 30, 2024	1,368,485	$	3.54	$	14,314	4.3

Stock option activity under the Company’s 2020 Plan is set forth below:

	Number of Options	Weighted Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted Average Contractual Term (in years)
Options outstanding as of December 31, 2023	3,165,715	$	12.79	$	7,197
Options granted	25,000	$	12.65
Options exercised	(56,292)	$	8.79
Options forfeited	(130,467)	$	13.91
Options expired	(78,294)	$	17.34
Options outstanding as of September 30, 2024	2,925,662	$	12.70	$	8,139	6.7
Options vested and exercisable as of September 30, 2024	2,038,984	$	12.03	$	6,909	6.2

Schedule of restricted stock unit activity

The following table summarizes activity of the Company’s RSUs for the nine months ended September 30, 2024:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested awards as of December 31, 2023	729,213	$	11.99
Awards granted	1,599,350	$	13.13
Awards vested and released	(553,133)	$	11.97
Awards forfeited	(68,200)	$	11.98
Unvested awards as of September 30, 2024	1,707,230	$	13.06

Schedule of performance share activity

The following table summarizes activity of the Company’s PSUs for the nine months ended September 30, 2024:

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested awards as of December 31, 2023(1)	822,895	$	11.97
Awards granted (2)	1,626,600	$	14.51
Performance achievement adjustment (3)	284,186	$	14.21
Awards vested and released	(822,895)	$	11.97
Awards forfeited	(18,000)	$	14.51
Unvested awards as of September 30, 2024	1,892,786	$	14.46

__________________________

(1)Reported at the certified performance achievement of 170% of the target shares granted.

(2)Reported of 100% of the target shares granted.

(3)Reported at the estimate performance achievement of 153% for the first tranche of the target shares granted in 2024.